Ammon News - Marwan Akuobeh, President of the Car Rental Offices Owners Association, has warned that the draft regulation for licensing car rental companies and offices, recently presented by the Legislation and Opinion Bureau, undermines investment security in Jordan.

Akuobeh said reducing the investment contract period from 10 years to just one year — subject to renewal upon approval by the Director General of the Land Transport Regulatory Commission — poses a serious risk and weakens investment stability.

He questioned who would establish a company with a capital of JD500,000 under the new system while being granted an investment contract valid for only one year.

According to Akuobeh, the provision discourages investment in Jordan rather than attracting it.

He called for reinstating the previous 10-year investment contract period and reconsidering the decision to raise the minimum company capital to JD500,000, allowing existing companies sufficient time to adjust their status under the new regulations.

Akuobeh added that currently operating companies would be unable to comply with the proposed requirements, warning that this could lead to the closure of investments and the loss of more than 2,000 jobs in the sector.